Bank Negara Malaysia(BNM) had revoked its appoval for the proposed acquisition which was earlier given to Maybank. Maybank is the largest bank in Malaysia said to buy 100% of shares from PT Bank International Indonesia(BII) with price of RM4.8 billion.
The cancelation is due to changing in new takeover rule in Indonesia. Under the new rule, new shareholder is responsilbe to sell at least 20% or at least 300 public shareholders in two years after the tender have been executed.
The takeover of BII would make Maybank the largest foreign financial services company in Indonesia.
Maybank said it would seek for legal and financial advice after BNM revocation of the approval.